This is how whales are quietly buying Ethereum: Is confidence in ETH returning?

Investors accumulate $870 million in ETH as Ethereum network activity hits a five-month high, suggesting a strategic shift in the market.

Over the past week, the market's second-largest cryptoasset had been trading sideways, stabilizing just above the psychological barrier of $4.000. But this apparent calm on the surface masks an even more significant movement: a double stream of activity that signals a profound shift in market sentiment. 

While the price of Ethereum remains stable, on the $4.200 Currently, large investors are aggressively purchasing cryptocurrency, and fundamental usage of this blockchain network is reaching levels not seen in five months.

According to experts, this disconnect between ETH's price and rising fundamental indicators reveals a story of strategic accumulation. Recent market data shows how smart capital has been taking advantage of the lull of recent weeks to build positions, betting on the network's long-term value, beyond ETH's daily volatility. 

At the same time, the Ethereum network engine is showing signs of acceleration, indicating that demand for real-world utility continues to grow.

Big investors reclaim land after the storm

According to data from on-chain analytics platforms, on October 24, wallets holding between 100 and 10.000 ETH began a phase of intensive ETH purchases. In a short period, these investors, known as "whales" and "sharks," increased their holdings by more than 218.000 ETHAt current market prices, this capital increase represents a capital injection of more than $870 million.

According to the data reviewed, this same group of crypto investors had been net sellers of ETH earlier this month. Between October 5 and 16, these whales sold around 1,36 million ETH. That period coincided with one of the most volatile periods of the year for crypto and risk assets, triggered by President Donald Trump's announcement of a 100% tariff on Chinese-made technology products. 

As Bit2Me News reported, Trump's threats triggered a massive liquidation of over $19.000 billion in leveraged positions, marking the largest liquidation event in the crypto market's history. 

Whales sold during the general market panic. However, now, with the market stabilized, They are methodically buying back the ETH sold, having already recovered almost a sixth of its sales from early October. 

Analysts interpret this action not as short-term speculation, but as strategic positioning. They are accumulating while the price is trading above key levels, a sign that their confidence in the cryptocurrency's fundamentals outweighs fears of macroeconomic uncertainty. The stability of ETH's price this week, which stood at around $4.200 at press time, appears to be supported by this muted demand.

Network activity, a clear sign of a new boom

The recent movement by whales, who are buying back ETH sold weeks ago, is not happening in isolation. In fact, it finds solid support in the fundamental data of the Ethereum network itself. 

The CryptoQuant analytics platform reported that On-chain activity is experiencing strong momentumThe seven-day moving average of Gas Used, a key metric that measures total demand for block space on the network, has risen to 112. This is its highest level since May 2025.

Analysts explain that this indicator has shown steady growth since June, when it was below 90K, and a sustained increase in gas use is a clear sign of ecosystem health. That is, it means that There is a growing demand for transactionsa whirlpool bath, increased activity in decentralized finance applications (DeFi) and more interactions with smart contracts. Therefore, it's not just about investors buying and holding the asset or HODLing, but about users paying to use the network's infrastructure.

Historically, sustained increases in the use of mains gas, which indicate an expansion in utility, have often preceded market bull runs. This current rally may be driven by renewed traction in yield protocols, trading on decentralized exchanges (DEXs), or the growing integration of Layer 2 solutions. If this trend in network usage continues, Ethereum could be entering a new expansion cycle based on real-world adoption, analysts suggest. 

Beyond volatility: Patient capital and adoption anticipate the next big leap

The confluence of these two factors—the accumulation of patient capital and increased network usage—paints a picture of renewed confidence. It suggests that Ethereum's largest stakeholders are looking beyond short-term volatility and macroeconomic shocks. 

Optimism is also reflected in prediction markets. On the Polymarket platform, several investors hold positions predicting that ETH could surpass $5.000 before the end of the year, with some forecasts extending to $10.000. Even market analyst Ali Martinez published recently that an ETH at $10.000 is entirely viable, although he also commented that the crypto may not reach this price as quickly as many expect. 

Still, we must not forget that the thesis that supports this optimism about Ethereum is based on its structural role in the market, with the network consolidating itself as backbone of the new digital economy. 

The growing use of the Ethereum network as an infrastructure for stablecoins, its role in the emerging tokenization of real-world assets (RWA), and its adoption as an institutional settlement system are the pillars of this long-term view. If this thesis holds, the recent silent whale accumulation is not a simple reaction to the market, but rather a strategic preparation for the next structural increase in demand for digital assets.